Pakistan has launched work on a comprehensive roadmap to improve its performance on key international governance indicators, as the government seeks to translate recent macroeconomic stabilization into stronger institutional credibility and improved global standing. Federal Minister for Law and Justice Senator Azam Nazeer Tarar on Tuesday directed officials to identify immediate, medium- and lo
The Federal Board of Revenue (FBR) has launched a simplified tax return filing facility for small traders, offering a 1% tax rate on turnover with a minimum liability of Rs25,000, officials said on Tuesday. Speaking at an awareness session at the Karachi Chamber of Commerce and Industry (KCCI), Member Inland Revenue Zubair Bilal described the initiative as one of the most liberal and trader-fri
Pakistan's oil industry has warned that another intervention in the petroleum pricing formula could disrupt fuel supplies, undermine refinery throughput and push oil marketing companies (OMCs) and refineries towards an increasingly unsustainable operating environment. Industry sources said rumours of fresh changes to the pricing formula were circulating but neither refineries nor OMCs had been
Oil prices rose for the fourth straight session, gaining more than $1 in early trade on Wednesday after renewed attacks across the Middle East heightened worries about supply disruptions. Brent crude futures rose 1.4%, to $99.33 a barrel, while US West Texas Intermediate crude was at $94.34 a barrel, up 1.4%. Brent crude prices have jumped by a quarter since early August as hopes for a
The government has decided to allow the export of 200,000 metric tonnes more sugar, despite last year's similar decision escalating prices to Rs220 per kilogram and an International Monetary Fund (IMF) report exposing the "intertwined relationship between economic elites and state regulators" in the sector. Deputy Prime Minister Ishaq Dar chaired the steering committee on sugar, which decided t